Rackspace says not to sell itself; shares fall

The company also named President Taylor Rhodes as chief executive, replacing Graham Weston, who co-founded Rackspace. Weston will become non-executive chairman.

Rackspace, which has been facing competition from companies such as Amazon.com Inc and Google Inc, started a strategic alternatives review in May after it received buyout interests from multiple parties.

Rackspace shares closed at $39.34 on Tuesday on the New York Stock Exchange. (Reporting by Anya George Tharakan in Bangalore; Editing by Don Sebastian)